Prime Minister: International financial center in Vietnam must have its own path

Prime Minister Pham Minh Chinh chairs a meeting of the Government Standing Committee on international financial centers in Ho Chi Minh City and Da Nang. (Photo: Duong Giang/VNA)

On the evening of May 10, Politburo member and Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with relevant ministries, branches and localities on the construction of an international financial center in Vietnam.

Attending the meeting were Politburo members: Permanent Deputy Prime Minister Nguyen Hoa Binh, Secretary of the Ho Chi Minh City Party Committee Nguyen Van Nen; Deputy Prime Ministers Tran Hong Ha and Nguyen Chi Dung; leaders of relevant ministries, branches and agencies; leaders of Ho Chi Minh City and Da Nang City.

According to the Politburo's Conclusion on the policy of building a comprehensive international financial center in Ho Chi Minh City and a regional financial center in Da Nang, these financial centers are subject to a special management mechanism, superior to current regulations, competitive but must be accompanied by appropriate risk management and supervision mechanisms.

The Politburo agreed to issue and immediately implement 8 groups of policies in line with international practices and Vietnam's conditions; at the same time, pilot 6 groups of popular policies in major financial centers around the world, with an application roadmap suitable to the actual conditions in Vietnam.

Recently, the Government and the Prime Minister have directed and organized many meetings with ministries, branches and Ho Chi Minh City and Da Nang to deploy the construction of the International Financial Center Project in Vietnam.

In particular, focusing on solutions and tasks: Developing modern financial infrastructure, promoting the construction of leading payment, depository and financial transaction systems; attracting international talent, creating attractive remuneration mechanisms, living and working environments to attract the world's leading financial experts.

Along with that is promoting financial innovation, developing new financial tools, such as green finance, financial technology (fintech), financial risk management; expanding international integration, cooperating with global financial institutions, participating in international financial standards; ensuring financial security, strengthening supervision and risk management, ensuring financial system stability...

Most recently, on May 6, 2025, the Central Party Office issued a document announcing the Politburo's direction on building an international financial center in Vietnam.

At the meeting, the Government Standing Committee, leaders of ministries, branches, Ho Chi Minh City and Da Nang discussed and clearly analyzed the requirements, opportunities and competitive advantages of Vietnam in building an international financial center; and issues arising in building an international financial center.

Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that the construction of an international financial center in Vietnam is extremely necessary and must be resolutely implemented according to the Resolution of the 13th National Party Congress and the direction of the Politburo to serve the country's rapid and sustainable development.

Prime Minister Pham Minh Chinh chairs a meeting of the Government Standing Committee on international financial centers in Ho Chi Minh City and Da Nang. (Photo: Duong Giang/VNA)

The Prime Minister requested that a new report and submission be prepared for the Politburo, which must incorporate, explain, and update new content that the Politburo and relevant agencies have commented on. Relevant units complete the draft Conclusion of the Politburo, the Resolution of the National Assembly, and the Government's action program on building an international financial center in Vietnam, ensuring clear assignment of people, tasks, time, products, responsibilities, and authority.

Reports, submissions, draft conclusions and resolutions must analyze Vietnam's advantages; assess positive impacts, challenges, risks, and solutions to overcome risks; propose strategies to build an international financial center in Vietnam with its own path; key and priority areas; propose breakthrough and outstanding policies to develop an international financial center in Vietnam... in the direction of institutions and policy mechanisms that can be managed, but must be open; modern and transparent infrastructure; smart human resources.

The project must clearly define the strategy for attracting foreign capital both directly and indirectly, both from the State and private sectors, both in the real and virtual environments; identify the sources and amounts of finance at the Financial Centers.

The project needs to identify the area for developing the financial center's infrastructure; plan the personnel, management and operation of the financial center; clearly explain the choice of building 1 center or 1 center with two locations.

The Prime Minister stated that the construction of an international financial center is to attract resources, serve rapid and sustainable development; serve the implementation of 3 strategic breakthroughs; green development, digital economy, circular economy; promote 3 traditional growth drivers and new growth drivers; serve startups and innovation. Therefore, there must be a system of breakthrough and outstanding policies to attract and convince investors in the Middle East, China, ASEAN, the United States, Europe, etc. to participate in the international financial center in Vietnam.

Prime Minister Pham Minh Chinh assigned Permanent Deputy Prime Minister Nguyen Hoa Binh to preside over and direct ministries, branches and localities to review the work, complete reports, submissions, draft conclusions, resolutions and action programs of the Politburo, National Assembly and Government on the International Financial Center in Vietnam to ensure progress and quality./.

(Vietnam News Agency/Vietnam+)

Source: https://www.vietnamplus.vn/thu-tuong-trung-tam-tai-chinh-quoc-te-tai-viet-nam-phai-co-loi-di-rieng-post1037802.vnp